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City of Ramsey, Minnesota
<br />cost of acquisition or fair market value, grants, ground or other leases at less then fair market rent, interest rate
<br />subsidies, utility service connections, roads, or other similar assistance that would otherwise be paid for by the
<br />developer or beneficiary.
<br />Section R Excess Tax Increment
<br />In any year in which the tax increments froth the TIF District exceed the amount necessary to pay the estimated
<br />public costs authorized by the TIF Plan, the City shall use the excess tax increments to:
<br />(1) prepay any outstanding tax increment bonds;
<br />(2) discharge the pledge of tax increments thereof;
<br />(3) pay amounts into an escrow account dedicated to the payment of ttrepax increment bonds; or
<br />al'!.
<br />(4) return excess fax increments to the County Auditor, for redistribution to the;Cry, County and School
<br />District. The County Auditor must reportito,th'e Commissioner of EducatLogfthe amount of any
<br />excess fax increment redistributed to thefSch'bbI District within 30 days of such redistribution.
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<br />Section S Tax Increment Pooling and the Five Year Rute:.1.:
<br />Under Chapter 389 — REND. 3729, Article 7 "Pub if Finance", Section122;City of Ramsey; Tax Increment Financing
<br />'District; Special Rules Subdivision (e) at leattf, 00%o':(of the tax incremepts from the TIF District, except for
<br />administrative expenses, must be expended on ac ivities within the.sdistrict ort'to pay for bonds used to finance the
<br />estimated public costs of the TIF District (see SectgnrE for additibnaj'(es)rictions). All administrative expenses are
<br />considered to have been spentboi Is deLgfl,)he TIF Distfict4 ,,Fa mcrements;are considered to have been spent within
<br />•the TIF District if such amounts'are: (, h _ ^.a`'
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<br />(1) actualfy,`;paid to a third party for activities')'performed within the TIF District within five, years after
<br />•certificatioIP n of the d strjl'Icptjt "! .:. }' "'"-
<br />certification of
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<br />2) r,) i used,to pay bonds hat were issued'and'ssold to a third party, the proceeds of which are reasonably
<br />expecfedkon the da e,of issuance to be spent within the later of the five-year period or a reasonable
<br />temporary; period orare, deposited in a reasonably required reserve or replacement fund.
<br />used to maka payments or•;ieimbursements to a third party under binding contracts for activities
<br />ql it performed withirf.the TIF District, which were entered into within five years after certification of the
<br />,f!�; district; or F .)„Alt,
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<br />(4) used+,to; reimbufse• 'a party for payment of eligible costs (including interest) incurred within five years
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<br />from"certific,;attdn of the district.
<br />• Under Chapter 389 — H.F.N'o. 3729, Article 7 "Public Finance", Section 22 City of Ramsey; Tax Increment Financing
<br />District; Special Rules Subdivision (d) beginning with the 11th year following certification of the TIF District, at feast
<br />100% of the tax increments must be used to pay outstanding bonds or make -contractual payments obligated within
<br />the first ten years. When outstanding bonds have been defeased and sufficient money has been set aside to pay for
<br />such contractual obligations, the TIF District must be decertified.
<br />The Authority does not anticipate that tax increments will be spent outside of the TIF District, except for allowable
<br />administrative expenses, in accordance with subdivision (e).
<br />Section T Limitation on Administrative Expenses
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